The Disney CEO made his observations as he kicked off his company’s annual shareholder meeting in Portland, Ore. Frozen has already generated more than $1B globally and, with its successful open in Japan, should pass Toy Story 3‘s sales of $1.06B. TS3 made $126.7M in Japan. The new film’s success has returned Disney’s animation studio to its “rightful place” as one of the world’s greatest, Bob Iger says. Pixar, meanwhile, will produce a third Cars movie and is developing a sequel to 2004′s The Incredibles, Iger also said, with confirmation coming via Disney/Pixar’s Facebook page that it is “currently working on two new films featuring your favorite characters from Incredibles and Cars.” Iger also crowed about the company’s market value of more than $143B, up from about $100B last year. “I’d call that a great year,” he says. Iger told investors that he can’t share much about Star Wars VII, but said that principal photography will begin in May in London. In his opening comments the CEO also said that the Shanghai Disney park will feature a Pirates Of the Caribbean-themed attraction called Treasure Cove.
Related: Disney: ‘Star Wars’ To Start Shooting In May, Pick Up 30 Years After End Of ‘Jedi’
No surprises on the business side: All of the board nominees, who were unopposed, were re-elected according to the preliminary returns. Former Starbucks CEO Orin Smith trailed the pack with support from holders owning 92% of the votes cast. Iger was favored by 99%. Some 80% supported an advisory resolution endorsing the company’s executive compensation. Just 24% supported a shareholder proposal that Disney opposed that would have barred accelerated vesting of executives’ equity awards if there’s a change in control. Read More »
Disney Infinity allows players to use characters from Disney franchises, including Monsters University, Pirates Of the Caribbean and The Incredibles. Disney unveiled the gaming platform today in Los Angeles. Throughout each story-driven experience, called a Play Set, players will solve challenging puzzles, battle enemies and explore iconic locations from famous Disney properties, while collecting unique characters, vehicles, and gadgets from each world and saving them to a virtual Toy Box, Disney Interactive said in a statement. Players can access their Toy Box and build and customize their own unique virtual world using their favorite characters, vehicles, settings and accessories. Disney Infinity will launch in June across all consoles and will have a phased roll out across mobile and online devices throughout 2013. Development for Disney Infinity is being led by Disney Interactive and Avalanche Software. Click over to read the full release: Read More »
Movie moguls usually have to grit their teeth during the media company quarterly earnings season as they begrudgingly acknowledge the bombs they had to write off. But the 3Q reports that will begin to come out in two weeks could be different, RBC Capital Markets analyst David Bank says this morning. Only one film from the quarter — DreamWorks’ Cowboys & Aliens – “looks likely to be a write-down.” And the outlook for 4Q is encouraging due to “the strong existing slate, combined with the likelihood of surprise ‘tentpoles’ and … relatively easy comps” vs 4Q 2010. He’s particularly impressed by the soaring returns from overseas, where the number of movie theaters is growing. He notes that this year major films are generating more than 1.65 as much from international box offices as they do from domestic, up from 1.45 last year. Bank says that Hollywood is zeroing in on the right investment formula: Spend big on “culturally neutral action/adventure movies” that play well abroad — and slash budgets for comedies that often don’t travel well. Read More »
That’s what some analysts here predict after looking at the deal Disney announced yesterday to license movies and TV shows to NetMovies Entertainment, a Brazilian competitor to Netflix. The release says this is “the first major global studio deal for NetMovies,” which is described as “Brazil’s largest and most comprehensive online subscription service for movies and TV series” with more than 35,000 titles in its library. The multiyear deal will enable NetMovies’ subscribers to see a “large array” of Disney’s movie and TV content via broadband — including the first three Pirates of the Caribbean films, Wild Hogs, Desperate Housewives, Criminal Minds, and Brothers And Sisters. Customers also can rent DVD and Blu-ray discs. Susquehanna Financial Group analyst Vasily Karasyov says this morning that the agreement with Disney ”illustrates our argument that studios will work hard to ensure that Netflix isn’t the only buyer of streaming rights.” And although BTIG analyst Rich Greenfield questions how well financed NetMovies is, with competitors such as Amazon, Apple, Dish Network, and Google ramping up their online video businesses here Disney’s agreement with NetMovies could cause Netflix’s “wounds to fester” as it tries to expand in Latin America. International growth “is becoming more important daily” for Netflix, he says.